Are you feeling ‘seller’s remorse’? The price is right, the buyer is great but now that the time has come to sign the papers and make a deal, you no longer feel the same way you did when you first put the house on the market. The initial enthusiasm has faded and you’re having second thoughts.
It happens even to the best of us.
Moving and finding a new home can be overwhelming. Just the thought of taking on new costs and spending a whole lot of time and energy, can make you want to backtrack and rethink everything. It’s not as common as ‘buyer’s remorse’, but it does happen every now and then.
The first thing that you’re going to want to do is talk to your real estate agent. They might have late-breaking pertinent information that could affect your decision. Perhaps the buyer is also having second thoughts. They could have belatedly realized that the financial costs are higher than they expected, or their transfer hasn’t been approved. Or they themselves could be having ‘buyer’s remorse’. Gather information from your agent and find out what the buyer’s status is before proceeding with your decision.
One of the most worrisome things to consider is the legal aspect. The legal implications completely depends upon the the terms of the purchase and sales agreement. For example, an agreement could state that upon defaulting the party to default will forfeit any earnest money and/or the down payment, leaving the aggrieved party to claim legal remedies.
Other legal scenarios include the buyer seeking compensation for damages (if they had spent money anticipating the closing of the sale), or filing a suit for specific performance where they petition the court to force the seller to sell to them.
Worst case scenario’s are
- being sued by the buyer,
- having to mount legal fees defend yourself, or
- being required to pay the sales commission (without even going through with the sale).
Depending on the agreement you have made with your agent, you may be required to pay the agent’s commission regardless of whether or not you close the sale. The listing agreement will have a time period stated before which you can sell without owing the agent a commission. Have a close look at the agreement and discuss your thoughts with your agent.
Don’t make any hasty decisions. Think it over and weigh out the pros and cons. Talk to a few people and then make your decision on what’s best for you, the buyer and everybody else involved.
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